Gold bars: Serial management required
Specifically, according to the Ministry of Public Security , the regulations related to the business and production of gold bars in the draft do not have specific regulations on the management of gold bar serial numbers (for newly produced gold, dented gold bars that are reprocessed, in buying/selling transactions, gold bars converted into raw materials...).
Mandatory recording of information on gold bar serial numbers in transaction documents will help limit risks in gold trading activities, verify the legality and origin of gold transactions, help manage and control gold trading activities more closely and safely, and ensure customer rights.
Therefore, the Ministry of Public Security believes that it is necessary to consider and supplement regulations to strictly manage gold bar serial numbers, and require recording serial number information on documents in the above activities and transactions.
Regarding this suggestion, the State Bank said it will coordinate with the Ministry of Finance to guide the recording of serial number information on transaction documents.
Establish a gold appraisal center
Regarding gold jewelry, the Ministry of Public Security stated that the Draft Decree stipulates that the production of gold jewelry is a conditional business activity. However, it is necessary to simplify the administrative procedures for granting the Certificate of eligibility for the production of gold jewelry or transfer this procedure to the agency responsible for managing the quality of gold jewelry at the provincial level (Department of Science and Technology).
At the same time, it is necessary to consider establishing a National Gold Appraisal Center, which means there must be a competent State agency (under the State Bank) with the function of appraising the quality of gold products (including: gold bars, raw gold, gold jewelry) to enhance the protection of consumer rights and monitor the activities and responsibilities of gold production enterprises.
In response to comments, the State Bank of Vietnam said it would revise the draft in accordance with Article 17, “The Ministry of Science and Technology shall preside over and coordinate with relevant agencies to promulgate national standards for gold jewelry, fine arts and gold bars; inspect and manage the quality of gold jewelry, fine arts, gold bars and raw gold in production, import and circulation on the market; inspect measuring instruments of gold trading enterprises”. At the same time, it is recommended that the Ministry of Science and Technology amend and supplement Circular 22/2013/TT-BKHCN to add regulations on the organization of testing to determine the content of gold bars and raw gold.
Proposal to inspect the gold market
An important content related to the issue of safety and security, the Ministry of Public Security stated that in order to strengthen state management and implement sanctions to control and stabilize gold trading activities, it is necessary to consider and supplement specific regulations on the management, supervision and post-inspection mechanisms for units licensed to produce gold bars and the import and export of raw gold/gold bars by these units, including studying and considering regulations requiring these units to conduct periodic (annual) independent audits of gold bar production and import and export of raw gold/gold bars.
At the same time, consider and supplement regulations that at least every 3 or 5 years, the State Bank shall preside over the inspection of the gold market and organizations with gold trading activities. Ministries, branches, People's Committees of provinces and centrally run cities shall coordinate according to the State Bank's request.
In addition to the above contents, the Ministry of Public Security also has other comments such as on licenses, procedures, and the draft Decree stipulating the elimination of the State monopoly mechanism for gold bar production, allowing enterprises and credit institutions to produce gold bars and creating a mechanism to allow gold imports to have a source of raw gold. However, in general, the draft Decree mentions many forms of licenses (Gold bar production license; Gold bar export/import license for credit institutions and gold bar production enterprises; Gold bar export/import license for credit institutions and gold bar production enterprises), the risk of the emergence of a "Mother License" mechanism creating many "Sub-Licenses" and a mechanism for granting gold bar production quotas/raw gold import quotas each year and each time.
“With the above mechanism of “sub-licenses” and quotas, it is easy to lead to negative licensing, the risk of monopolizing the production of gold bars/importing and distributing raw gold to the licensed group, difficulties in managing production, import exceeding the limit and the purchase and sale of licenses/quotas, if there is a lack of strict management, supervision and post-inspection mechanisms. In addition to the above license forms, the draft Decree still stipulates sub-licenses such as: Certificate of eligibility for gold jewelry and fine art production, License for temporary import of raw gold for re-export of products... which can “increase pressure” on administrative procedures, creating “barriers” for businesses' gold trading activities”, the Ministry of Public Security commented.
Another content, the Ministry of Public Security believes that it is necessary to study and consider supplementing regulations on management mechanisms and measures to manage the buying and selling prices of gold bars to create a legal corridor for intervention, avoiding the creation of monopolies and group interests for gold bar businesses that self-list prices. Specifically, business units need to issue clear and accountable procedures on how to set, adjust prices, and change prices during the day; store documents and records related to price creation and price changes (including electronic information data).
In addition, it is necessary to develop a mechanism for management agencies to intervene in the gold market when necessary (a mechanism to intervene in buying and selling prices; a mechanism to intervene in the supply and demand of the gold bar market...); it is necessary to supplement regulations on the maximum difference between the buying and selling prices of gold bars.
In addition, the Ministry of Public Security also gave comments on establishing a National Gold Exchange or a Gold Trading Floor in the International Financial Center...
Source: https://baolaocai.vn/bo-cong-an-de-nghi-quan-ly-se-ri-vang-mieng-va-lap-trung-tam-tham-dinh-vang-post648719.html
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